Your company provides a retirement and health plan for your employees, and you help manage that plan. If this is the case, you may need fiduciary liability insurance. This type of coverage protects you as you perform your fiduciary duties.
You have several important responsibilities in your role. You have the task of selecting advisors for the plan as well as investments to offer. You must minimize expenses so employees retain more earnings. You are required to follow all documents related to the offered plan to the last letter. Your job is to act on behalf of the employees with their best interests in mind rather than for the company.
With all this responsibility comes the risk of making a mistake. It may be a wrong decision, negligence on your behalf or delaying action. If the result costs your employees money in the plan, you could be held liable.